Overview
- President Donald Trump said he supports Senate legislation that would let the White House levy tariffs of up to 500% on imports from countries purchasing Russian oil or gas.
- The measure targets major consumers such as China and India, and Trump said Iran may be added to the list.
- Senator Lindsey Graham has championed the proposal, and Senate Majority Leader John Thune signaled readiness to bring it to a vote without setting a timetable.
- The move follows U.S. sanctions on Russian oil firms Lukoil and Rosneft, with penalties scheduled to take effect on November 21.
- In August, the administration added a 25% “Russian oil” surcharge on Indian imports on top of an existing 25% tariff, and officials frame the broader effort as choking off Russia’s wartime revenue.